Plan Asset Transactions Determined by In-House Asset Managers under Prohibited Transaction Class Exemption 96-23

ICR 201605-1210-007

OMB: 1210-0145

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2016-07-19
IC Document Collections
ICR Details
1210-0145 201605-1210-007
Historical Active 201305-1210-005
DOL/EBSA
Plan Asset Transactions Determined by In-House Asset Managers under Prohibited Transaction Class Exemption 96-23
Extension without change of a currently approved collection   No
Regular
Approved without change 11/28/2016
Retrieve Notice of Action (NOA) 07/29/2016
  Inventory as of this Action Requested Previously Approved
11/30/2019 36 Months From Approved 11/30/2016
20 0 20
940 0 940
400,000 0 400,000

The Department of Labor (the Department) has the authority, pursuant to section 408(a) of the Employee Retirement Income Security Act of 1974 (ERISA) and section 4975(c)(2) of the Internal Revenue Code of 1986 (the Code), to grant an exemption from all or part of the restrictions imposed, respectively, by sections 406 and 407(a) of ERISA and from taxes imposed by sections 4975(a) and (b) of the Code by reason of section 4975(c)(1)(A) through (F) of the Code. On April 10, 1996, the Department granted PTE 96-23 (61 FR 15975-01), Class Exemption for Plan Asset Transactions Determined by In-House Asset Managers. The class exemption permits various parties in interest to employee benefit plans to engage in transactions involving plan assets if, among other requirements, the assets are managed by an in-house asset manager (INHAM). The amendment to PTE 96-23, among other things, broadens the definition of INHAM to permit a greater number of entities to take advantage of the relief provided by the exemption, proposes relief for entities that are parties in interest because they are

US Code: 29 USC 1108 Name of Law: Employee Retirement Income Security Act of 1974
  
None

Not associated with rulemaking

  80 FR 72990 11/23/2015
81 FR 50013 07/29/2016
No

1
IC Title Form No. Form Name
PTE 96-23 -- Audit Requirement

  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 20 20 0 0 0 0
Annual Time Burden (Hours) 940 940 0 0 0 0
Annual Cost Burden (Dollars) 400,000 400,000 0 0 0 0
No
No

No
No
No
No
No
Uncollected
Chris Cosby 202 693-8540

  No

On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
 
 
 
 
 
 
 
    (i) Why the information is being collected;
    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
    (v) Nature and extent of confidentiality; and
    (vi) Need to display currently valid OMB control number;
 
 
 
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
07/29/2016


© 2024 OMB.report | Privacy Policy